ICE: Currency prices of gas in Europe fell to $ 660 per thousand cubic meters
MOSCOW, January 24 – RIA Novosti. Gas stock prices in Europe fell more than 11% after Tuesday’s trading to $660 per thousand cubic metres, according to the London Stock Exchange. ICE.
February futures on the TTF index (Europe’s largest headquarters, located in the Netherlands) were trading at $672 (-9.7%). The price maximum was $690.7 (-7.1%), the minimum was $650.2 (-12.6%). The most recent futures traded at $659.9 (-11.3%). The dynamics of offers are based on the settlement price of the previous trading day – $743.8 per thousand cubic meters.
A day ago, Reuters reported that US liquefied natural gas (LNG) plant Freeport LNG has announced that repairs have been completed and is seeking regulatory approval to resume some operations. The facility supplies about 20% of LNG exports from the United States. At the end of last year, the country became the largest exporter of LNG, shipping most of it to Europe, allowing the region to replace lost volumes of Russian gas – about 80 billion cubic meters.
On January 17, for the first time in 16 months from August 31, 2021, foreign exchange gas prices fell below $600 per thousand cubic meters in Europe. Experts noted that the gas price on the European stock market has fallen due to warm weather and strong winds (wind farms have increased electricity production) and adequate gas reserves at underground gas storage facilities in the EU.
Despite the current decline, gas prices are more than double the average for a long history of observation. In the entire history of the operation of gas distribution centers in Europe, since 1996, such persistently high prices have not been seen.
Gas prices in Europe rose significantly in the spring of 2021. At that time, gas offers for TTF fluctuated in the range of $ 250-300 per thousand cubic meters, by the end of summer it exceeded $ 600, and in the fall – already $ 1,000. In the winter of 2022, prices crossed the threshold of two thousand dollars per thousand cubic meters, and in the early spring they reached a record high of $ 3,892 per thousand cubic meters due to fears of bans on imports of Russian energy sources.
Source: Ria
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